Bitcoin (BTC) miners remain under pressure at current price levels as data shows large withdrawals from miners’ wallets are again taking place.
According to on-chain analytics firm Glassnode, miners’ monthly sales amounted to about 8,000 BTC in September.
Bitcoin miners sell large amounts of coins
In contrast to the lows of June, when the BTC/USD pair hit its current multi-year low of $17,600, miners are currently selling sizable amounts of BTC.
According to Glassnode, which tracks the evolution of miner balances over 30 days, at the beginning of the month miners had lost a maximum of 8,650 BTC from the previous month.
Although this was later reduced, taking into account changes in the price of BTC, miners are still selling more than they earn on a monthly basis.
As of September 29, the latest date for which full data is available, miners had lost a total of 3,455 BTC in 30 days, which is a minimum of one month in exchange transactions, according to Glassnode.
The miners’ crisis even caught the attention of the mainstream media this week, with Reuters describing the sector as “stuck in a bearish moat”.
“Bitcoin miners have continued to see margins shrink: the price has fallen, mining difficulty has increased, and energy prices have skyrocketed,” the publication quoted Joe Burnett, chief analyst at the company, as saying. Blockware mining.
With the BTC/USD pair forecast to fall further in line with global macroeconomic difficulties, miners could face more headwinds.
This would further strain an essential component of the Bitcoin ecosystem, which just in August ended a “capitulation” phase to regain some profitability.
Difficulty moves away from all-time highs
The signs of change are evident in the fundamental figures of the current network.
In the last automated adjustment on September 28, Bitcoin’s mining difficulty decreased by 2.14%, marking its first decline since July.
The metric, which provides multiple data on network performance and miner buoyancy, was previously at all-time highs.
However, it is estimated that within two weeks the uptrend will resume, and the final result will depend on the evolution of prices in the meantime.
Similarly, the Bitcoin network hash rate is currently at levels slightly below recent peaks, though it remains close to its own all-time highs, according to combined data from BTC.com and MiningPoolStats.
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